Spain-based hydrogen solutions provider H2SITE has secured €36 million in its Series B funding round from a consortium of investors to advance the deployment of its proprietary hydrogen technology.
Lead investors in the funding round were Hy24, a low-carbon hydrogen investment manager, and SC Net Zero Ventures, the climate tech venture capital fund. They were joined by new investors MassMutual Ventures, Enagás Emprende, and Exergon, as well as existing investors and partners Breakthrough Energy Ventures, Equinor Ventures, and Ezten.
H2SITE expects this consortium of investors to “provide access to a broad international ecosystem of stakeholders who share the unified vision of hydrogen as a vital energy vector for achieving European and global industrial decarbonization targets”.
According to the company, the Series B funding aims to support the next industrialization and commercialization milestones, including multi-tons per day hydrogen production capacity in operation by 2026, and addressing several end-use markets such as large-scale and decentralized ammonia cracking, natural hydrogen production in the USA and maritime decarbonization applications.
Andrés Galnares , Founder and Chief Executive Officer of H2SITE, commented: “For our third funding round, we have assembled a consortium of strategic and financial partners who deeply understand the challenges of scaling production, hydrogen deployment timelines, and market demand. This collective expertise and support will empower us to drive growth and execute large-scale infrastructure projects over the next thirty-six months, with a focus on ammonia cracking and hydrogen separation.”
Since 2021, H2SITE has been developing a proprietary membrane reactor technology that enables hydrogen separation from gas streams and easy-to-transport molecules, such as ammonia or methanol. H2SITE has built and operated 15 projects in Western Europe and is now developing large-scale infrastructure projects in North America, the EU, and Asia Pacific.
In 2023, the company pioneered an on-board ammonia cracking system, generating high-purity hydrogen coupled with a PEM fuel cell which is used to produce electricity for the ship’s auxiliary consumptions.
H2SITE’s AMMONIA to H2POWER technology for on-board ammonia cracking was awarded approval in principle (AiP) from classification society Lloyd’s Register (LR) in April 2024.